Tech

CHILLGUY (CHILLGUY) Token Surges Past $500M Market Cap on Solana Network

6 days ago
Bitcoin Ethereum News

TLDR

  • CHILLGUY token, based on a viral TikTok meme, reached $500M market cap
  • One trader turned $1,000 into over $1 million within a week
  • MoonPay reported record-breaking Solana transactions during the surge
  • Original artist Phillip Banks publicly opposed the crypto project
  • Multiple derivative tokens and NFT collections emerged despite artist’s disapproval

The cryptocurrency market has witnessed another remarkable story of rapid growth as CHILLGUY, a new token based on a viral TikTok meme, reached a market capitalization of $500 million within days of its launch on the Solana network.

The token draws inspiration from a character created by artist Phillip Banks in 2023. The character’s design features a casual, laid-back figure wearing everyday clothing – a sweatshirt, jeans, and sneakers, with hands tucked into pockets, embodying the essence of being “chill.”

The meme gained popularity on TikTok, where users began sharing content featuring the character alongside captions describing various life situations, both mundane and challenging, with the recurring theme of maintaining a “chill” attitude. This social media trend quickly translated into cryptocurrency market interest.

Starting with a modest market cap of $10 million on Monday, CHILLGUY experienced explosive growth, reaching $488 million by Wednesday.

This surge created several success stories, including one trader who transformed an initial investment of approximately $1,000 into over $1 million.

Tracking the journey of one particular wallet (9zW), the success story becomes even more compelling. The trader’s first investment was merely $233.89 when CHILLGUY’s market cap stood at $11,000.

Within 30 hours, as the token’s value increased by 38,800%, the trader secured their first profits, cashing out $16,200 through four separate transactions.

Following a brief market correction, the trader made additional investments totaling $867.35 across three transactions, bringing their total investment to $1,101.24. Much of this reinvestment likely came from their initial profits.

Chill Guy Price on CoinGecko
Chill Guy Price on CoinGecko

The growth story extends beyond individual traders. MoonPay, a major cryptocurrency on-ramp service, reported its highest-ever daily volume of Solana transactions during CHILLGUY’s surge. This data point suggests an influx of new investors entering the Solana ecosystem, potentially drawn by the CHILLGUY phenomenon.

The token’s rapid ascent continued through Tuesday and Wednesday, marking a more than 4,000% increase from $11.5 million to $488 million market cap. During this period, the previously mentioned trader capitalized on the momentum, selling portions of their holdings for $411,500 while maintaining $636,942 worth of tokens in their wallet.

Trading data reveals the wallet’s combined realized and unrealized gains exceed $1.05 million. However, the volatile nature of cryptocurrency markets means the unrealized portion could fluctuate rapidly, emphasizing the importance of securing profits through actual sales.

Another notable case emerged when Arkham Intelligence reported a trader who allegedly turned $865 into $6.4 million. However, Bubblemaps, an on-chain data visualization startup, suggested this particular case might involve sophisticated trading bots rather than a fortunate retail investor.

The success of CHILLGUY has sparked a wave of derivative projects. Multiple NFT collections have appeared, with one collection’s floor price reaching 3 SOL (approximately $700). Other tokens inspired by Banks’ characters have also emerged, including Worried Guy (WORRIEDGUY), which achieved a peak market cap of $10 million despite initial skepticism.

However, not everyone celebrates this success story. Banks, the original artist, has publicly distanced himself from the cryptocurrency project, stating on Twitter, “I don’t endorse or consent to my art being used to any crypto related things. Please leave me alone.” The artist later made his Twitter account private following community harassment.

The market response to CHILLGUY has prompted discussions about the intersection of social media trends and cryptocurrency markets. The token’s success demonstrates how quickly online cultural phenomena can translate into financial movements in the crypto space.

DEX Screener data confirms the trading volume and price action, showing sustained market interest despite the token’s rapid price appreciation. The platform continues to record active trading activity across multiple decentralized exchanges on the Solana network.

MoonPay’s record-breaking transaction volume during this period indicates strong retail interest, with new users entering the Solana ecosystem specifically to participate in the CHILLGUY phenomenon.

Source: https://blockonomi.com/chillguy-chillguy-token-surges-past-500m-market-cap-on-solana-network/